Jan 08, 2017

Predictions For the Art Market in 2017

Art experts predict the biggest trends in the art market in 2017
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After a tumultuous 2016, the art world has had time to take a breath and experts are now starting to set out their predictions for 2017. Here are the big predictions in the art world for 2017 as told by those who should know:

Female artists will increase in value...

‘I’m confident we’ll see a tremendous year for women artists at the very top of the art market, building on the recent outstanding results such as the remarkable Jenny Saville canvas that captivated the room at our contemporary auction in London last June.’ (Isabelle Paagman, European Head of Private Sales, Contemporary, Sotheby’s)

‘Areas that are currently undervalued – such as Op Art and the work of women artists – will continue their steady march upwards.’ (Matthew Girling, Global CEO of Bonhams)

The art market will continue to pivot to the east...

'In 2017, I predict we’ll see continued growth and strong sales for the Chinese fine and decorative arts markets, with much of the property returning to Chinese nationals and the expatriate Chinese.' (Sam Berkovitz, Owner, Concept Art Gallery)

‘Asian collectors are set to be the biggest buyers in 2017.’ (Jussi Pylkkanen, President of Europe and the Middle East, Christie’s)

‘We continue to see a significant transformation in the buying habits of Asian collectors, who are becoming increasingly interested in art from around the world.’ (Edward Dolman, Chairman and CEO, Phillips )

And emerging markets will continue to grow...

‘The continued growth of Latin American art markets, and rightfully so. There were new records set in 2016 in the major auction houses. Most interestingly, on a local level I see more gallery shows, talk about art fairs in the region and a better understanding of and attitude toward the market generally.’ (Kate Bryan, Head of Collections, Soho House and Co.)

'2017 is a great time to invest in 20th-century Indian, Iranian, and African-American artists. Just this October, Clars boasted the $10,890 sale of an oil painting by Iranian artist Abolghassem Saidi, far exceeding the $3,000-5,000 estimate. We see leading houses gearing up for these specialized auctions, setting precedents for the rest of the industry.' (Lauren Pressler, Specialist in Furniture & Decorative Arts, Clars Auction Gallery)

'The next big thing in 2017 should be a larger international embrace of African- and Latin-American currents as American art continues to be redefined.' (Nigel Freeman, Director of African-American Fine Art, Swann Auction Galleries)

The story behind a piece of art increasingly adds value...

'On that topic, though a good or interesting provenance has always been desirable, we’re noticing an increase in its effect across all of our sales, boosting values more than ever before. People seem to be engaging more with the story behind the pieces as well as the quality.' (Charlotte Riordan, Contemporary Art & Paintings Specialist, Lyon & Turnbull)

Brexit won’t impact London’s importance to the art world...

‘I think Brexit will not have a negative impact on London as the number on European art trading hub.’ (Patrick van Maris, CEO of TEFAF)

Nobody can agree on the impact Trump will have on the market...

'As we come to the end of the year, there seems to be encouraging energy in the collector community with hope that the election results will have a positive impact on the current market values and free up more discretionary income for middle-market buyers.' (Mike Fredericks, Department Head, Rare Lamps & Glass, James D. Julia)

'You can draw two diametrically opposed scenarios based on the same behavior. If Trump raises tariffs and causes global panic, art could then become exceedingly valuable because it’s portable, easy to store and not a currency. But it could also become worthless. Nobody knows the right answer.' (Marion Maneker, Managing Director at Colle, Hochberg & Grey)

The economic uncertainty is making art collectors look to the safety of established artists...

‘Instead of new artists, art advisers indicate many collectors are now most interested in rediscovering historically important artists that have slipped past undervalued.’ (Edward Helmore, Guardian art journalist)

'The trends in 2016 have been pretty consistent from the previous year, and I don't see much change happening in 2017. Collectors are focusing their efforts on a few areas including Impressionism, Post-War, and Contemporary Art. Although this year saw a small drop in buying overall, there is enough trust in the market, coupled with the rise of the American stock and housing market, to predict a continued rise in both confidence and buying.' (Debrah Dunner, Fine Art Specialist)

And there may be consolidation in the market...

‘Don’t be surprised to find one or other of the big boys snapping up a rival… I’m not naming names though.’ (Guy Schooling, Managing Director, Sworders Fine Art Auctioneers)

‘One major auction house – Sotheby’s, Christie’s or Phillips – will change ownership.’ (Melanie Gerlis, Financial Times art market correspondant)

But the fundamentals of the market will not change...

‘I would bet £500 on the fact that transparency won’t particularly improve in the art market in 2017. For all the talk about big data and breaking down private market barriers, it’s going to take longer than 12 months.’ (Melanie Gerlis, Financial Times art market correspondent)

At least all of this social and political turmoil will inspire creativity...

‘Given the current social and political climate, art with a voice will continue to be on the rise. It will be gritty, raw, and emotional.’ (Jenn Singer, Jenn Singer Gallery)

‘We’ll see compelling exhibitions that respond to the momentous social and political change taking place across the globe.’ (Isabelle Paagman, European Head of Private Sales, Contemporary, Sotheby’s)